A Silver Lining: How COVID-19 is paying businesses back.

With the worst of the COVID-19 pandemic behind us, it’s time to plan your business’ recovery. Get started the right way.

Find out, in 8 easy questions, if you have newly eligible expenses under the Canadian SR&ED Program.

In Canada (and in the United States too) federal and provincial governments are beginning a repositioning of the economy, and you – as a business owner- could be eligible to receive new tax credits.

These credits are a thank you, for thinking creatively and navigating through the pandemic and all it’s challenges. It’s also a financial boost, meant to help your business continue to forge ahead.

Your business could receive more R&D tax credits than ever before

Think back to the beginning of March 2019. Lockdowns are looming, masks are everywhere, handwashing has become more important than ever.

As a business owner, were you thinking about how your business could impact the greater good? Then chances are you’re eligible for new R&D tax credits under the modifications made to the Canadian SR&ED program.

Here are some examples of newly eligible expenditures:

Ask yourself the following questions. If you answer ‘yes’ to any of them, then chances are you have newly eligible expenses under the Canadian SR&ED Tax Incentive Program.

During the pandemic, did your business:

• Use existing equipment to produce necessary and in-demand products?
  i.e masks, hand sanitizer, cleaning supplies, gowns, face shields

• Navigate supply shortages in order to continue to produce?

• Expand production in order to meet increased demand for your products?
  i.e household items, recreational equipment, household entertainment

• Reassign technical employees to research and development projects, or to work on overcoming challenges?

• Work on technology which could help other businesses to effectively work remotely?

• Work on technology which could help other businesses maintain continuity during the pandemic?

• Develop automation processes, eliminating the need for human interaction?

• Develop technology for the safety of others?
  i.e temperature monitors, technology to keep record of number of people in a space

If you answered ‘yes’ to any of these questions, then congratulations –

You’re eligible to receive funding in the form of income tax credits! The next step is to call an expert, like our team at WWA. We’ve been helping businesses like yours navigate research & development claims since 1993. We can help you evaluate your expenses going back as far as 2019, to see what the Covid-19 silver lining looks like to you.

Call the team at Ward Weber Associates for your free, no obligation consultation today.